401k contribution/taxes calculator?

[cj25]

Whats the easiest way to calculate how much I can up my 401k and reduce taxes and see how it will affect my bring home while making sure we're still paying enough in to taxes that we don't owe?  Should I see a CPA, play with our incomes on paycheckcity and then look up all the tax table info or is there an easier way like an online calculator somewhere? 

[MMMarbleheader]

I did this last year. My old employer had a crap 401k so I would contribute the min. to get a full match then claim 0 on my W4 and put the refund into a Roth IRA and a Spousal Roth IRA.

Now that I have a new job that uses fidelity, I reviewed my most recent tax return to see what bracket I was falling into with my deductions. My wife is a SAHM which makes a difference on W4 withholding but with my last raise I was able to increase my 401k contribution from 5% to 15% with the same take home pay by changing my W4 from 0 to 4 allowances (I have 2 kids).

Long story short, I didnt find a program that does it for you but as long as your income is mostly W2 it is pretty easy to figure out what your taxes owed at the end of the year should be.

[Rural]

Here's ADP's calculator: http://www.adp.com/tools-and-resources/calculators-and-tools/payroll-calculators/salary-paycheck-calculator.aspx

[Proud Foot]

Use your current tax return and adjust based upon any known changes in taxable earnings to estimate your tax bill.  Then play around on a paycheck calculator, like paycheckcity as you mentioned, and make sure your combined withholdings meet the estimated tax.

[redcedar]

Agree with online paycheck calculators. Have your latest pay stub available so that you get everything but the 401k spot on with current amounts. I ridmthis last year ahead of a big change in our contribution to wife's 457 plan and found the paycheck calculators were only off a small amount.

[randymarsh]

Paycheckcity.com has always been within a few dollars of my real paychecks.